Chemical Hazardous Sites and Residential Prices: Determinants of Impact

Perry Wisinger

Journal of Sustainable Real Estate, 2014, vol. 6, issue 1, 3-21

Abstract: The Emergency Planning and Community Right-to-Know Act (EPCRA) requires reporting of potential chemical hazardous sites to the Environmental Protection Agency (EPA). The EPA discloses some sites on the Internet while others are not. I investigate whether Internet disclosure makes a difference on the impact a hazardous site has on nearby housing prices. I also investigate the relevance of EPA-hazard classifications to understand the residential market reaction to nearby chemical hazardous sites. Data from Lubbock, Texas confirm that housing values near registered chemical hazards are lower, ceteris paribus; however, Internet-listed hazardous sites do not have a bigger impact on housing prices than do hazards not listed on the Internet. But more importantly, hazard classifications other than EPA classification better define house price behavior.

Date: 2014
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DOI: 10.1080/10835547.2014.12091860

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